We use cookies to capture data to enhance your experience on our website.

By using our website, you consent to your data being collected and used as outlined in our Privacy Policy.

Australian Unity delivers $2.01 billion in social impact in FY24

09 September 2024

Tags: Media

Australian Unity has reported $2.01 billion in social impact for the 2024 financial year—an increase from $1.76 billion for the 2023 financial year.

The increase, reported in its fourth impact report, highlights how Australian Unity applies its community and social value (CSV) framework across the organisation and reflects its continued focus on growing a sustainable portfolio of health, wealth and care businesses that deliver social impact to customers, members and the community.

Darren Mann, Group Executive – Finance & Strategy and Chief Financial Officer, said in financial year 2024, the Group has undertaken significant portfolio-reshaping activity driven by the continued adoption of its CSV framework which guides and informs the business’s investments in areas that can create greater and more efficient social impact.

“In a year of transformation for the Group, we have continued to use the CSV framework to guide our investment in initiatives that support our three priority outcomes—lifelong wellness, economic empowerment, and strong communities.

“In practice, this has informed the Group’s recent acquisition of myHomecare which has enabled us to increase the provision of home care services to some 50,000 Australians through our Home Health business and is expected to generate an additional ~$400m per annum in social impact value by FY27.

“This value comes from supporting more Australians to age in place in their homes, which we know increases individual wellbeing, improves access to healthcare and alleviates the burden placed on hospitals.”

The Group’s acquisition of Insignia Financial Ltd’s investment bond business, IOOF Ltd (now Australian Unity Life Bonds Limited) is also projected to add $10.5m in social impact value each year.

“Through this acquisition we welcomed some 18,000 new customers to our Life business, building scale which will support us to increase the financial wellbeing of customers and members planning for key life events,” said Mr Mann.

Since 2021, Australian Unity has calculated and reported on its impact through its CSV framework via its annual impact report, Our Impact.

This year’s iteration of the report shares greater detail about the CSV framework— which was developed in partnership with Social Ventures Australia—including data, methodology and assumptions made. For the first time, the report also includes a detailed breakdown of how the Group accounts for the role of its partners and the contribution of others in delivering impact.

“We acknowledge that the impact we deliver wouldn’t be possible without the contribution from many of our investors, operators and the family and friends who surround our customers and members.”

To read Our Impact 2024 visit: australianunity.com.au/impact

-ENDS-

Media contact: Olivia Bilson
T: 0499 977 898
E: obilson@australianunity.com.au


About Australian Unity
Established in 1840, Australian Unity is a member-owned wellbeing company with more than 385,000 members and more than 700,000 customers. Our range of health, wealth and care products and services provides member, customer and community value that is supportive of personal and community wellbeing.

 

Related article

Australian Unity recognised for its commitment to Social Impact

Australian Unity has received Mutual Value Measurement Accreditation from the Business Council of Co-operatives and Mutuals (BCCM), demonstrating the Group’s ongoing commitment to positively impact its members, customers and the broader community.

Read more

Australian Unity response to ASIC announcing civil penalty proceedings regarding Select Income Fund

Australian Unity Funds Management Limited (AUFM) acknowledges that today the Australian Securities and Investments Commission (ASIC) has announced that it has issued civil penalty proceedings against AUFM, as the responsible entity of the Australian Unity Select Income Fund (SIF). 

Read more

Australian Unity to transfer management rights of Property Income Fund to Newmark Capital

Australian Unity Limited today announced it has agreed to sell Australian Unity Investments Limited (AUIL), the responsible entity of the Australian Unity Property Income Fund (PIF), to specialist property funds management group, Newmark Capital (Newmark).

Australian Unity Bank cuts variable home loan rates

Australian Unity Bank will reduce its variable home loan interest rates for existing customers by 0.25% per annum following the Reserve Bank of Australia’s decision on 20 May to lower the official cash rate by 25 basis points to 3.85 per cent. The new rates will take effect from 4 June 2025. 

Read more